Monthly Payments On or before each Transfer Date, the Servicer shall instruct the Trustee and the Paying Agent in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw and the Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Funding Account and the Distribution Account as follows:
(a) An amount equal to the Available Investor Finance Charge Collections for the related Monthly Period shall be distributed on each Transfer Date in the following priority:
(i) an amount equal to Class A Note Interest Requirement for the related Transfer Date, shall be distributed by the Servicer or the Trustee to the Certificateholders;
(ii) an amount equal the Class B Note Interest Requirement for the related Transfer Date shall be distributed by the Servicer or the Trustee to the Certificateholders;
(iii) an amount equal to the Net Investor Servicing Fee for such Transfer Date plus the amount of any Net Investor Servicing Fee due but not paid to the Servicer on any prior Transfer Date shall be distributed to the Servicer;
(iv) an amount equal to the Net Class C Note Interest Requirement for the related Transfer Date, shall be distributed by the Servicer or the Trustee to the Certificateholders;
(v) an amount equal to the Investor Default Amount, if any, for the preceding Monthly Period shall be treated as a portion of Available Investor Principal Collections and deposited into the Principal Account on such Transfer Date;
(vi) an amount equal to the aggregate amount by which the Investor Interest has been reduced below the Initial Investor Interest for reasons other than the payment of principal to the Certificateholders (but not in excess of the aggregate amount of such reductions which have not been previously reimbursed) shall be deposited in the Principal Account on such Transfer Date and treated as a portion of Available Investor Principal Collections;
(vii) on and after the Accumulation Period Reserve Account Funding Date, but prior to the date on which the Accumulation Period Reserve Account terminates, the Trustee will deposit an amount up to the excess, if any, of the Required Accumulation Period Reserve Account Amount over the Available Accumulation Period Reserve Account Amount into the Accumulation Period Reserve Account;
(viii) an amount equal to the excess, if any, of the Required Owner Trust Spread Account Amount over the amount then on deposit in the Owner Trust Spread Account will be paid to the Certificateholders; and
(ix) the balance, after payments made pursuant to clauses (i) through (viii) above, first will be treated as Excess Finance Charge Collections which will be available to cover shortfalls, if any, in amounts payable from collections of Finance Charge Receivables with respect to other Series in accordance with the Agreement, and then the balance, if any, remaining after any such sharing will be paid to the Certificateholders. To the extent of the Finance Charge Shortfall, if any, following the application on each Transfer Date of Available Investor Finance Charge Collections as described above, the Servicer shall instruct the Trustee and any Paying Agent in writing (which writing shall be substantially in the form of Exhibit B hereto) to apply Shared Excess Finance Charge Collections with respect to Group One allocable to Series 2003-1 in the priority set forth above.
(b) During the Revolving Period, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period shall be distributed on each Transfer Date in the following priority:
(i) an amount equal to the lesser of (A) the product of (1) a fraction, the numerator of which is equal to the Available Investor Principal Collections and the denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the related Supplement for each Series and (2) the Cumulative Series Principal Shortfall and (B) Available Investor Principal Collections, shall remain in the Principal Account to be treated as Shared Principal Collections and applied to Series other than this Series 2003-1; and
(ii) an amount equal to the excess, if any, of (A) the Available Investor Principal Collections for such Transfer Date over (B) the applications specified in subsection 4.9(b)(i) above shall be paid to the Holder of the Transferor Certificate; provided, however, that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.9(b)(ii) with respect to such Transfer Date shall be paid to the Holder of the Transferor Certificate only if the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Transfer Date and the application of payments referred to in subsection 4.3(b)) and otherwise deposited into the Excess Funding Account.
(c) During the Controlled Accumulation Period or the Rapid Amortization Period, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period shall be distributed on each Transfer Date in the following priority:
(i) an amount equal to the least of (i) the Available Investor Principal Collections on deposit in the Principal Account with respect to such Transfer Date, (ii) for each Transfer Date with respect to the Controlled Accumulation Period, the applicable Controlled Deposit Amount for such Transfer Date and (iii) the Adjusted Investor Interest prior to any deposits on such Transfer Date, shall be (A) during the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Rapid Amortization Period paid to the Certificateholders; and
(ii) an amount equal to the lesser of (A) the product of (1) a fraction, the numerator of which is equal to the Available Investor Principal Collections remaining after the application specified in subsection 4.9(c)(i) above and the denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the related Supplement for each Series and (2) the Cumulative Series Principal Shortfall and (B) Available Investor Principal Collections, shall remain in the Principal Account to be treated as Shared Principal Collections and applied to Series other than this Series 2003-1; and
(iii) an amount equal to the excess, if any, of (A) the Available Investor Principal Collections for such Transfer Date over (B) the applications specified in subsection 4.9(c)(i) and (ii) above shall be paid to the Holder of the Transferor Certificate; provided, however, that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.9(c)(iii) with respect to such Transfer Date shall be paid to the Holder of the Transferor Certificate only if the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Transfer Date and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account.
(d) On the Transfer Date immediately preceding the Scheduled Principal Allocation Commencement Date (and on each Distribution Date thereafter during the Controlled Accumulation Period), the Trustee or the Paying Agent, acting in accordance with instructions from the Servicer, shall pay to the Certificateholders an amount equal to the amount on deposit in the Principal Funding Account on the related Transfer Date.
(e) The Controlled Accumulation Period is scheduled to commence at the close of business on the last day of the November 2004 Monthly Period; provided, however, that, if the Accumulation Period Length (determined as described below) is less than 12 months, the date on which the Controlled Accumulation Period actually commences will be delayed to the first Business Day of the month that is the number of whole months prior to the Scheduled Principal Allocation Commencement Date at least equal to the Accumulation Period Length and, as a result, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Accumulation Period Length. On the September 2004 Determination Date, and each Determination Date thereafter until the Controlled Accumulation Period begins, the Servicer will determine the "Accumulation Period Length" which will equal the number of whole months such that the sum of the Accumulation Period Factors for each month during such period will be equal to or greater than the Required Accumulation Factor Number; provided, however, that the Accumulation Period Length will not be determined to be less than one month.